Institutional Federal Compliance Report 2021

As of June 30, 2018 (except for the State Lottery, which is as of March 31, 2019), the composition of investments for the State’s business-type activities by levels within the fair value hierarchy were as follows (amounts in millions): 72 • Notes to Basic Financial Statements __________________________________________________________________________

Quoted Prices in Active Markets for Identical Assets

Significant

Other

Significant Unobservable

Observable Inputs (Level 2)

Inputs (Level 3)

Investment Type

Fair Value

(Level 1)

U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AID bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government-sponsored agency bonds . . . . . . . . . . . . . . . . . . . . Equity mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . International bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

1,837 $

600 $

1,237 $

—00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000

457 249 244 148 84 62 60 49 37 30 15 14

—00000 —00000

457 249 166

78 148 84

—00000 —00000

1

61

60 48 30 15 14 6

—00000

1

31

—00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 1

3 2 2 1 1

3 2 2

—00000

1

16

14

2 2

3,311 $

1,106 $

2,203 $

SUNY investments at June 30, 2018, measured at the NAV were as follows (amounts in millions):

Redemption Frequency

Redemption Notice Period Two months 30-90 days 30-90 days

Investment Type

Fair Value

(If Currently Eligible)

External investment pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

996 Monthly

41 Monthly, Quarterly 30 Monthly, Quarterly, 28 Monthly, Quarterly 17 N/A—See below 15 Monthly, Quarterly Annually

45-95 days

N/A

30-45 days

12 N/A

N/A

1,139

External investment pools represents ownership in Cornell University’s and Alfred University’s long- term investment pools (LTIP) or other split interest agreement pools. The objective of the LTIP investment policy is to maximize total return within a reasonable risk parameter; specifically, to achieve a total return, net of investment expenses, of at least 5 percent in excess of inflation as measured by a rolling average of the Consumer Price Index.

Private equity fund investments include non- controlling shares or interests in funds where the con- trolling general partner serves as the investment’s manager. Such investments are generally not eligible for redemption from the fund or general partner, but can potentially be sold to third-party buyers in private transactions. It is SUNY’s intent to hold these invest- ments until the fund has fully distributed all proceeds to the investors. SUNY has unfunded commitments to private equity investments as of June 30, 2018 of approximately $10.5 million.